Obama: Bush Administration Automaker Plan a “Necessary Step.”


President-elect Barack Obama Friday described President George W. Bush’s efforts to stave off the financial collapse of the nation’s automakers as a “necessary step.” Speaking at a press conference in Chicago at which he announced four more candidates to his Cabinet, Obama said “Today’s actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers.

President-elect Barack Obama talking about Bush administration plan to bail out the Big Three auto industries, before his nomination of four other appointees to his Cabinet for the U. S. Department of Labor, Trade, Transportation, and Small Business, at the Drake Hotel on Dec. 19, 2008.
Photo by Mary C. Johns

“With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together – including labor, dealers, creditors and suppliers – to make the hard choices necessary to achieve long-term viability.
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